Tenants and Landlords Capital-ising on changing rental market

Edinburgh continues to highlight fluctuations in the lettings market, with good news for both tenants and landlords.

Flats to rent in Edinburgh have generally been let out for lower prices in February this year than those the previous month. The average rental price for a one bedroom flat in Edinburgh was £531, down 2.14% on January’s £542.60.

This trend continues for 2 bedroom Edinburgh rental properties, with February’s rent achieved averaging £691.90, which is 1.86% less than January’s £705.

Bucking the trend displayed in Edinburgh is the average rent achieved for 3 bedroom properties, which for February was £1067, 16.61% dearer than the previous month’s £915.

Whilst this is, mostly, good news for bargain hunting tenants, the downside is that demand continues to outstrip supply.

This is positive news for landlords and agents, as the average time to let out a flat to rent in Edinburgh has decreased noticeably. A 1 bedroom property took an average of 12.9 days to let out in February, 42.92% quicker than January’s 22.6 days.

Continuing this theme is the 15.5 days it took, on average, to rent out a 2 bedroom property in Edinburgh in February, which is 22.11% faster than January’s 19.9 days. Rounding off a good month for landlords and agents is the fact that 3 bedroom properties were let out 17.87% quicker in February than the previous month, with 17 days compared to January’s 20.7.

As demand continues to outstrip supply, tenants can be expected to see rental values increase in the coming months, while average time to let will decrease, meaning its still very much a market that favours landlords and agents.